UPDATE: Deutsche Bank Raises Target to $55 on Concur Technologies

Deutsche Bank reiterates its Hold rating on Concur Technologies

and raises its price target by $10 to $55 on a healthy beat to estimates for the quarter. Deutsche Bank notes, "CNQR reported 1Q12 of $100.4m/$0.32 vs. our est/Street's $99m/$0.29. The beat was attributed to strong market demand and focus on 25% growth. The company guided up slightly on revenue and EPS to 25.5% and $1.27, up from 25%/ $1.25. While we acknowledge the strong performance this quarter of 24% organic growth, we believe a sustained 25% growth target may be challenged if the macro environment gets weaker. CNQR closed at $52.35 a share yesterday.